Skip to main content
S 2078 105th Congress Senate Taxation Agricultural production Agriculture and Food Business income tax Commerce Excise tax Farm income Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Income tax Law Tax deductions Tax deferral Tax exclusion Tax penalties Tax returns Trusts and trustees

Farm and Ranch Risk Management Act

Introduced: May 13, 1998 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 1998
Read twice and referred to the Committee on Finance.
May 13, 1998
Sponsor introductory remarks on measure. (CR S4833-4834)
May 13, 1998
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow individuals engaged in eligible farming businesses to deduct from gross income for any taxable year the amount (limited to 20 percent of the individual's taxable income for the year) paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the taxpayer's exclusive benefit. Requires withdrawal of contributions within five years, upon which they are taxable as ordinary income in the year of withdrawal. Deems a distribution, subject to income tax, of any deposits not actually distributed within five years, and prescribes an additional penalty tax of ten percent of any such deemed distribution.

What's happening now May 13, 1998

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 3659 Identical bill Farm and Ranch Risk Management Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
McConnell, Mitch
Kentucky · Jul 15, 1998
 D
Murray, Patty
Washington · Jun 24, 1998
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2078: Farm and Ranch Risk Management Act. 105th Congress. Open America. https://openamerica.io/bill/105-S-2078/
MLA
"S. 2078: Farm and Ranch Risk Management Act." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-S-2078/.
Bluebook (legal)
S. 2078, 105th Cong. (2026), https://openamerica.io/bill/105-S-2078/.
Markdown link
[S. 2078: Farm and Ranch Risk Management Act](https://openamerica.io/bill/105-S-2078/)
Report a problem